2025.11. 18 作者 | 第一财经 林春挺 本文字数：1633，阅读时长大约3分钟 又一台核电机组投入建设。 11月18日，中国首个配置冷却塔的"华龙一号"核电机组——中广核山东招远核电项目1号机组顺利完 成核岛第一罐混凝土浇筑，标志着该项目一期工程建设全面启动。 这是第一财经记者从中国广核集团（下称"中广核"）获悉的。 山东招远核电项目位于烟台招远市张星镇，是中广核在全国布局的第十个核电基地，规划建设6台"华 龙一号"核电机组。中广核总经理庞松涛表示，该项目是中广核积极融入山东能源发展规划、梯次打 造核风光储一体化清洁能源产业集群的关键项目。 喻向东进一步说明，冷却塔将核电站常规岛的直接冷源由大海变为大气，依托大气热阱带出常规岛热 力循环余热，海水仅作为补充水源。这一设计不仅实现了冷却水的循环使用，还大幅降低水头和能 耗，最大程度降低飘水率，有力保障了冷源安全。采用该技术的招远核电，拓宽了核能项目开发空间 布局，将为中国的核电建设开辟新路径、提供新经验。 中广核工程有限公司副总经理杨亚璋则对二次循环冷却技术的创新价值作了详细解读。他表示，高位 收水自然通风冷却塔凭借自身蓄水量，在失去厂外补水的特殊工 ...

Core Viewpoint - The construction of the first unit of the Shandong Zhaoyuan Nuclear Power Project, featuring the "Hualong One" reactor, has officially commenced, marking a significant step in China's nuclear energy development [1][3]. Project Overview - The Zhaoyuan Nuclear Power Project plans to build six "Hualong One" nuclear reactors, with an expected annual electricity generation of 50 billion kilowatt-hours, sufficient to meet the needs of approximately 5 million people [3]. - The project aims to significantly reduce coal consumption by about 15.27 million tons and cut carbon dioxide emissions by approximately 46.2 million tons annually, equivalent to reforesting over 110,000 hectares [3]. Technological Innovations - The project features a high-level natural ventilation cooling tower, standing at 203 meters with a water collection area of 16,800 square meters, which utilizes secondary circulation cooling technology for the first time in "Hualong One" reactors [3][4]. - This cooling system replaces seawater with atmospheric air as the primary cooling source, enhancing water recycling and reducing energy consumption [4]. Safety and Efficiency Enhancements - The cooling tower can maintain continuous operation for at least 2 hours without external water supply, providing a buffer for safe shutdown in extreme conditions [5]. - The project also includes a nuclear-grade mechanical ventilation cooling tower, which can provide cooling for the reactor for at least 30 days without external water supply, further ensuring safety [5]. Construction Techniques - Advanced construction techniques such as electric climbing molds and automated welding are being employed to enhance construction efficiency while ensuring safety [7]. - The project incorporates digital applications for real-time monitoring and quality management, transitioning towards intelligent construction methods [7]. Comprehensive Utilization of Nuclear Energy - The project is also focusing on the comprehensive utilization of nuclear energy, with plans for nuclear heating that can provide up to 1,000 tons of steam per hour, covering an area of over 15 million square meters [8]. - Future expansions may include industrial steam supply, nuclear hydrogen production, and seawater desalination [8].

新华财经烟台11月18日电（记者安娜）记者从中国广核集团有限公司获悉，中广核山东招远核电项目1 号机组18日顺利完成核岛第一罐混凝土浇筑，标志着该项目一期工程建设全面启动。 山东招远核电项目位于烟台招远市张星镇，是中广核在全国布局的第十个核电基地，规划建设6台采用 我国自主三代核电技术"华龙一号"的机组。其中，一期工程包括1号和2号核电机组，单台机组装机容量 1214兆瓦。 中广核提供的数据显示，山东招远核电项目6台机组全部建成后，预计年发电量达500亿千瓦时，可满足 约500万人口的年生产生活用电需求，等效每年减少标准煤消耗约1527万吨、减排二氧化碳约4620万 吨，环保效益相当于植树造林超11万公顷。 （文章来源：新华财经） 值得一提的是，项目还将二次循环冷却技术应用到了"华龙一号"机组上，每台机组都配置了冷却塔。喻 向东进一步解释说，冷却塔将核电站常规岛的直接冷源由大海变为大气，依托大气热阱带出常规岛热力 循环余热，海水仅作为补充水源。这一设计不仅可实现冷却水的循环使用，还可大幅降低水头和能耗， 最大程度降低飘水率，有力保障冷源安全。 在施工一线，创新理念深入项目建设的方方面面。据中广核工程有限公司党 ...

Investment Rating - The industry rating is "Outperform the Market" [5][12] Core Insights - The adjustment of value-added tax for nuclear power is expected to stimulate the accelerated deployment of Small Modular Reactors (SMR) [1][3] - The successful cold test of the "Linglong One," the world's first land-based commercial modular small reactor, marks a significant breakthrough in China's nuclear power innovation [4] - The comprehensive utilization of nuclear energy is becoming a trend, with SMR's modular manufacturing potentially lowering costs and addressing the challenges faced by third-generation nuclear power plants [3][4] Summary by Sections - **Investment Highlights**: The adjustment in value-added tax for nuclear power plants aims to support both newly approved and existing reactors, with a 50% tax refund policy for certain projects [2] - **Market Dynamics**: The competitive electricity market is pushing for the comprehensive utilization of nuclear energy, with experts suggesting the need for innovative business models and demonstration projects for small reactors [3] - **Technological Advancements**: The "Linglong One" reactor has been recognized internationally, setting a benchmark for the development of small reactors globally, and is seen as a key solution for meeting the energy demands of artificial intelligence [4] - **Investment Opportunities**: Companies such as Jingye Intelligent, Jiadian Co., Guoguang Electric, and others are highlighted for their potential in the SMR and nuclear energy sectors, showcasing significant growth prospects [4]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][5][22]. Core Views - The company's revenue for the first half of 2025 reached 40.973 billion yuan, a year-on-year increase of 9.43%, while the net profit attributable to shareholders decreased by 3.66% to 5.666 billion yuan [1][6]. - The company plans to distribute a semi-annual cash dividend of 0.02 yuan per share, with a payout ratio of 7.27% [2][20]. - The company is experiencing pressure on its performance due to a decrease in its stake in China Nuclear Huineng and a decline in its profits [1][3][22]. Financial Performance - In the first half of 2025, the cumulative power generation was 121.776 billion kWh, an increase of 15.65% year-on-year, while the cumulative grid-connected power was 115.104 billion kWh, up 15.92% year-on-year [1][6]. - The company's operating revenue for the second quarter of 2025 was 20.7 billion yuan, a year-on-year increase of 6.41% and a quarter-on-quarter increase of 2.11% [1][6]. - The net profit for the second quarter was 2.529 billion yuan, a decrease of 10.40% year-on-year and 19.37% quarter-on-quarter [1][6]. Operational Capacity - As of June 30, the company had 26 operational nuclear power units with a total installed capacity of 25 million kW, and 19 units under construction or awaiting approval with a capacity of 21.859 million kW [2][19]. - The company has increased its operational renewable energy capacity by 3.6287 million kW in the first half of 2025, including 762,900 kW from wind power and 2,865,800 kW from solar power [2][19]. Future Outlook - The company has adjusted its profit forecast for 2025-2027, expecting net profits of 9.59 billion, 10 billion, and 11.15 billion yuan respectively, with year-on-year growth rates of 9%, 4%, and 11% [3][22]. - The current price-to-earnings ratio (PE) is projected to be 19 for 2025, 19 for 2026, and 17 for 2027 [5][22].

Core Viewpoint - Strengthening electricity marketing capabilities and comprehensive utilization of nuclear energy are important measures for nuclear power companies to adapt to the trends of market-oriented electricity trading [2][7]. Group 1: Impact of Market Trends - The profitability of nuclear power companies is increasingly affected by the acceleration of the electricity spot market and the entry of renewable energy, leading to a decline in electricity trading prices [3]. - Both China Nuclear Power and China General Nuclear Power reported a decrease in revenue and net profit despite an increase in total electricity generation due to the impact of market price fluctuations [4][5]. Group 2: Financial Performance - China Nuclear Power's net profit attributable to shareholders increased by 9.48% to 5.322 billion yuan, but overall net profit declined due to significant holdings in renewable energy assets [5]. - China General Nuclear Power's average market settlement price for electricity decreased by approximately 8.23% compared to the same period in 2024, impacting its financial performance [4]. Group 3: Strategic Responses - China General Nuclear Power is focusing on closely monitoring regional electricity market changes and optimizing marketing strategies to mitigate the impact of price fluctuations [6]. - China Nuclear Power is establishing independent electricity sales companies to deepen its market presence and enhance its electricity trading strategies [6]. Group 4: Diversification Efforts - Both companies are enhancing the multi-purpose utilization of nuclear energy to address the economic impacts of market-oriented reforms on nuclear projects, with initiatives in nuclear heating and industrial steam supply [7].

Core Viewpoint - China General Nuclear Power Corporation (CGN) reported a decline in net profit and earnings per share for the first half of 2025, while maintaining a stable operational performance in its nuclear power plants [1][5][6] Financial Performance - Operating revenue for the first half of 2025 was approximately CNY 39.17 billion, a decrease of 0.53% compared to the same period last year [1] - Net profit attributable to shareholders decreased by 16.31% to CNY 560.93 million, with a basic earnings per share of CNY 0.118 [1][5] - The weighted average return on equity fell to 4.88%, down 1.19 percentage points from the previous year [1] Operational Highlights - The company managed 28 operational units and 20 units under construction, accounting for 44.46% of the national total installed nuclear power capacity [5] - Operational nuclear units achieved a total electricity generation of 113.36 billion kWh, a 6.93% increase year-on-year [5][6] - The company completed 10 major maintenance outages during the reporting period, with 91.07% of performance indicators in the top quartile globally [5] Market Environment - The demand for electricity continues to grow, supported by national policies aimed at energy security and carbon peak targets by 2030 [4] - The national electricity market is undergoing reforms, with a unified market system being established, which is expected to enhance market dynamics [4] Strategic Initiatives - The company is focusing on enhancing the safety and efficiency of its nuclear power operations while exploring new market opportunities [7][8] - Plans include the development of clean energy projects and the integration of nuclear energy for heating purposes, contributing to environmental benefits [7][8] - The company aims to optimize its capital structure through the issuance of convertible bonds and strategic acquisitions [9][10]

Group 1 - The article highlights the increasing diversification and personalization of consumer demand, which is driving manufacturers and distributors to innovate in product development and services [1] - Nuclear energy is presented as a prime example of this trend, with its applications expanding beyond electricity generation to include heating, hydrogen production, and seawater desalination [1][2] - The successful implementation of the "Warm Nuclear No. 1" project in Shandong, which has achieved significant milestones in nuclear heating, demonstrates the potential for nuclear energy to meet modern energy needs [2][3] Group 2 - Policy support is crucial for the advancement of nuclear energy applications, as seen in various national plans that encourage the integration of nuclear energy in heating and industrial processes [3] - The third-generation pressurized water reactor technology is being deployed in coastal areas of China, enhancing the capabilities of nuclear power plants to provide heating and industrial steam [4] - The future of nuclear energy in China is closely tied to innovation and adaptability, with a focus on developing new technologies and integrating nuclear energy with renewable sources [5]

Group 1: Industry Trends and Development - Nuclear energy is recognized as a clean, efficient, and low-carbon energy source, crucial for optimizing China's energy structure and ensuring energy security [3] - The "14th Five-Year Plan" emphasizes the safe and orderly development of nuclear power, aiming for an annual construction scale of about 6 new nuclear units before 2030 and 8 units annually from 2031 to 2050 [4] - According to the International Energy Agency (IEA), China's nuclear power capacity is projected to reach approximately 120 million kW by 2030 and 280 million kW by 2050 under committed scenarios [4] Group 2: Company Overview and Services - The company is a high-end process equipment provider, with nuclear energy being a key development direction [5] - Core products and services in the nuclear sector include equipment manufacturing, installation engineering, and technical services, with unique advantages in testing and verification equipment [5] - The company has established long-term partnerships with major institutions, with some client relationships exceeding 15 years [6] Group 3: Recent Achievements and Financial Performance - Over the past three years, the company's revenue from the nuclear sector has exceeded 450 million yuan, with 2024 marking the first year of revenue surpassing 200 million yuan, a year-on-year growth of 104.86% [7] - The company has successfully developed innovative products, including specialized tools for nuclear reactor control rod replacement, enhancing its market presence [7] - The company has attracted new clients with orders exceeding 10 million yuan, contributing to the growth of the nuclear sector [7] Group 4: Future Development Focus - The company aims to secure more nuclear energy orders as a core foundation for growth, focusing on traditional markets while expanding into new areas such as fast reactors and conventional islands [8] - Emphasis on technological innovation to enrich the product lineup, particularly in developing standardized high-end nuclear equipment [8]

Core Viewpoint - The "Linglong No. 1" modular small reactor project in Hainan is a significant advancement in China's nuclear energy sector, marking the country's leadership in small reactor technology and contributing to the construction of a green and sustainable energy framework for the Hainan Free Trade Port and ecological civilization demonstration area [1][2]. Group 1: Project Overview - The "Linglong No. 1" project is the world's first commercial modular small reactor, which has entered the cold functional testing phase [1]. - This project is part of China's 14th Five-Year Plan for advanced nuclear energy demonstration projects and is expected to provide diverse energy solutions beyond electricity generation, including regional heating and industrial energy supply [2][5]. Group 2: Environmental Impact - Each "Linglong No. 1" unit has a power generation capacity of 125,000 kilowatts, producing an annual output of 1 billion kilowatt-hours, which can meet the electricity needs of approximately 526,000 households (around 1 million people) [3]. - The project is projected to reduce carbon dioxide emissions by 880,000 tons annually, equivalent to planting 7.5 million trees, thus supporting China's dual carbon goals [3]. Group 3: Technological and Management Aspects - The project employs a modular design that significantly shortens construction time and enhances flexibility for deployment in various settings, such as industrial parks and mining areas [3][5]. - The construction is guided by a principle of "safety first, quality first," with a focus on fine management throughout the entire process, ensuring high-quality operation of the "Linglong No. 1" reactor [6]. Group 4: Strategic Importance - The "Linglong No. 1" project represents a shift in nuclear energy development from single power supply to multi-energy supply, aligning with regional high-quality development goals and sustainable solutions [7].